Nigeria’s foreign reserves have risen to over $46 billion, according to the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.
Mr Cardoso, who was represented by the Deputy Governor on Economic Policy Directorate of the CEN, Mr Muhammad Abdullahi, disclosed this at the opening of the Monetary Policy Department’s 20th anniversary colloquium at the CBN headquarters in Abuja on Tuesday.
Nigeria’s external reserves reached the $46.7 billion mark, according to the CBN Governor’s representative.
This has been largely attributed to the federal government’s Eurobond issuance and rising FX inflows from offshore investors.
He said it was the first time the country had reached such a level since 2018, adding that the number could cover over 10 months of imports.
According to the deputy governor, lending rates may decline in the coming months as inflation continues to ease, raising hopes for improved access to credit and stronger investment flows.
On Monday, the National Bureau of Statistics (NBS) reported that Nigeria’s inflation slowed to the lowest in eight years to 16.05 per cent in October 2025 from 18.02 per cent in the preceding month.
This comes as fresh pressure mounted on the local currency. Data published by the Central Bank of Nigeria (CBN) showed that the Naira depreciated marginally by 0.4 per cent as the Dollar was quoted at N1,448.03/$1 on Monday, compared to N1,442.43/$1 on Friday at the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the Naira gained slightly by N2, closing at N1,455 on Monday as against N1,457 on Friday.
Data from interbank segment closed at N1,447/$1, quotes from GT Bank showed.
October 2025 marked the country’s strongest month for foreign exchange inflows since May 2025, boosted by improved macroeconomic stability and renewed appetite from offshore investors seeking opportunities in Africa’s largest economy.
However, Foreign Direct Investment (FDI) inflows fell by 25 per cent month-on-month to $222 million, reflecting persistent structural challenges such as insecurity and policy uncertainty that continue to deter long-term capital.